Home Qualifying For FHA Loan Down Payment Grants Closing Cost Grants Construction Loans Streamline Refinances Credit Problems Rent to Own

Click Here for Your Local FHA Lender   Due to the slow down in the economy, loans for construction have dried up. The FHA has an excellent program for Rehabilitation and Construction loans. The guidelines for these loans are similar to other FHA loans. The big difference is the “draws” that are associated with construction loans. When a loan is approved, a draw schedule is agreed upon based upon completion of milestones. Each time a draw is requested by the borrower, an FHA inspector will visit the property to verify work is done properly. If the requested amount for the construction is less then $35,000; then there is no inspection required. Loans are available upto 110% of the value of the home. These loans are referred to as called FHA 203 (K) or FHA 203 K. CLICK HERE to get more information regarding constuction and Rehab loans.

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